POWER POINTWhat I'm hearing from energy insidersOil flows through Hormuz are rising, more ships are safely getting through the Strait, and oil prices seem to be coming down — at least for now. Goldman Sachs wrote Wednesday that Persian Gulf exports have "recovered to their 2025 average after doubling in September." The firm expects Brent crude prices to "moderate" to $85 per barrel by year's end. That's good news on oil, and maybe good news for both the United States and China.My take → I know the term "reopen the Strait of Hormuz" is popular, but I just can't bring myself to say it. Hormuz is an international waterway, and no one country can "close" it. Yes, Iran — or the Houthis in Yemen — can threaten ships in Hormuz or near the Red Sea, making it more dangerous to pass through. But no country has the power to "open" or "close" a public, international waterway. I get that I'm the outlier in saying that — and I wouldn't have it any other way.The not-so-good news involves natural gas and Europe. Despite the improvement around Iran and oil, it could still be a long, expensive winter for our friends in Germany and much of Europe.For five years, I've been highlighting a few of the co...









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